China’s FeMo prices rise on higher costs, demand solid

The price of the 60% grade ferromolybdenum (FeMo) in Northeast China, a core trading hub, has sustained above Yuan 90,000/tonne ($12,960/t) since early July, mainly due to the higher raw material costs both in domestic moly concentrates and imported molybdic oxide, as well as stainless mills’ higher procurement prices, market sources shared on Monday.

As of August 14, the price rose for the second week by another Yuan 5,000/t or 5.7% on week to Yuan 92,000/t and including 13% VAT, according to Mysteel’s assessment, as higher raw materials prices had prompted FeMo smelters to raise their offer prices, according to a Shanghai-based market